Recent data released by the Orlando Regional Realtor Association sheds light on significant shifts in the local housing market.
According to the latest findings, there has been a notable drop in home prices at the onset of 2024. New home listings experienced a remarkable surge, increasing by 46.3% from December 2023 to January 2024, resulting in a total of 3,524 new homes entering the market in January alone.
Furthermore, January witnessed a record inventory level, with a total of 8,217 homes available for sale in the Orlando area. Despite this increase in inventory, the median home price for the new year stands at approximately $360,000, marking the third consecutive month of decline in median prices.
Rose Kemp, President of the Orlando Regional Realtor Association, commented on the market dynamics, stating, "We closed out 2023 with the healthiest market we've had in years, and this made both buyers and sellers optimistic for 2024."
The data also reveals a significant decrease in the median price, which has fallen by $17,000 since October 2023. Additionally, January marks the eighth consecutive month of declining home sales, indicating a shift in market activity.
Notably, homes in Orlando are spending more time on the market, with an average of 57 days in January, reflecting changing buyer and seller dynamics.
As the Orlando real estate market continues to evolve, these insights provide valuable information for prospective buyers, sellers, and industry stakeholders alike. Stay informed about the latest trends and developments shaping Orlando's dynamic real estate landscape.
For personalized assistance and to explore real estate opportunities, contact Aponte Group, your trusted Orlando and Central Florida real estate team. Let us help you navigate the exciting possibilities in the Orlando housing market. Contact us today!